BofA raises almost all of $33.9B buffer - San Antonio Business Journal:

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billion. Last month, BofA sold $13.5 billion in commobn stock. The bank issued 1.25 billion shares at an averages priceof $10.77 per share. BofA also sold a 5.7 percentg stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchanges $9.5 billion in preferred shares for 704 million shares of commob stock. BofA expects to garner $1.3 billiobn from reduced dividends on thepreferrede shares. The exchange doesn’t apply to preferred shares held by thefederapl government. So far, BofA has boosted its Tier 1 common capitaklby $2.1 billion by reducing a deferred tax-asset deduction.
And the bank says it has gained anadditiona $2 billion from the disposition of As part of the company’s capital plan, it could issue up to an additional 296 millionm common shares. “We are pleasedx to have nearly reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraisse $33.9 billion after conducting “stresa tests” on the country’s 19 largesty banks. The tests were designed to assess the ability to survive if economic conditiona worsen more than expected during the nexttwo years.
BofA has receivec a total of $45 billion in taxpayer aid undef thefederal government’s Troubled Assetg Relief Program, which is designed to thaw the creditg markets and boost the economy. In separat developments, Charlotte, N.C.-based BofA BAC) sold $3 billion in five-year notea on May 8 and $2.5 billion in 10-year notesa on May 28 without guarantees.